What is this? "Misnamed songs annonymous"? :-)
Its "Blue Flashing Light" (the blue flashing light last saturday night brought the neighbours all out on the street) So, the song could be mistaken for "Saturday Night" :-)
And yeah, its probably the best song on the album, possibly the closest to "Good Feeling" type songs on "The Man Who".
Waiting to Reach you is Writing To Reach You. (I reckon its about wanting someone, but they will never want you back, "im writing to reach you, though i might never reach you")
Hope this cleared it up :-) Its a good album all in.